Verizon is scrambling to grow its scale in a rapidly consolidating sector

Bloomberg News

Verizon made an approach to cable TV giant Charter, sources say

By

ClaireAtkinson

JoshKosman

Verizon boss Lowell McAdam, his company facing slowing sales of mobile phones, made a proposal to acquire cable-TV giant Charter Communications in recent months, three sources told The Post.

The offer — valued at between $350 and $400 a share, and well over $100 billion, according to two of the sources familiar with the move — was rejected by Liberty Media-controlled Charter
CHTR, +0.61%
because it was too low — and because Charter was not ready to sell.

Verizon’s interest in SiriusXM didn’t get as far as a bid, the sources said.

Also standing in the way of Liberty Media agreeing to a deal for any of its units is the tax implications, which would be unpalatable to its billionaire chairman John Malone, sources said.

Malone is famous for avoiding taxes in big transactions.

In addition, Malone wants to give New York-based Charter some time to complete the integration of its acquisition of Time Warner Cable, sources said.

Charter’s stock has been on a tear since Liberty took a stake in the firm in March 2013 and drafted former Cablevision chief operating officer Tom Rutledge as the boss. The shares have soared roughly 262 percent through Wednesday’s close at $345.55, up 2 percent on the day.

Verizon, whose interest in acquiring a cable giant like Charter or Comcast was reported by The Post in January, is scrambling to grow its scale in a rapidly consolidating sector

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